U.S. advertising spend in digital advertising in the third quarter of 2016 alone was nearly $18 billion dollars. The latest IAB Internet Advertising Revenue Report shows the number at $17.6 billion. This marks the highest third quarter for digital advertising spending on record and a 20% increase over the same time period in 2015. It also accounts for a 4.3% increase over Q2 2016.

“The momentum of advertising in mobile, digital video, and other innovative formats is undeniable,” said David Doty, Executive Vice President and CMO, IAB. “These record-setting third quarter revenue figures reflect marketers’ trust in the internet’s power to connect with today’s audiences.”

“Digital has become a critical part of advertisers’ marketing strategies,” said David Silverman, a partner at PwC US. “Increasing media consumption on interactive screens will surely lead to even more investment in the digital landscape.”